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. if it is not extended because of the fiscal cliff, debt relief will become taxable again and that will affect thousands and thousands of short sales and principal reduction loan modifications many under the big robo signing mortgage settlement. that settlement is why short sales have skyrocketed, surpassing foreclosure sales last june and keep on going. in nevada they made up 40% of october sales up from 34% a year ago. that according to lps home price index. now bank of america alone has done over 100,000 short sales so far this year. and i spoke to a rep there who says they are well aware of the potential looming tax risks as are their customers. they say they would love to ramp up short sales but they're already doing them as fast as they can. i ask what happens if the tax relief is not extended? the source told me i would expect we start to get more customers saying i've talked to my tax adviser and i'm going to opt out of that short sale and we'll just take it to foreclosure. and, carl, that is exactly not what we want to hear as this housing recovery is really just gaining steam. >> wow. in your
, with the european debt crisis looming and that fiscal cliff still unresolved, the robin report's robin lewis thinks many luxury buyers may be holding back this holiday season. >> i think that will cause some cautious spending in the last holiday season, in the last quarter. and if the resolve is made to increase the tax rates of the rich, it will definitely hit the pocketbooks. >> reporter: and there's no doorbusters for luxury players. they're banking on their price premiums and their quality to drive sales. later today, carl, i'll sit down with burberry ceo. we'll talk about all things luxe. >>> straight ahead, why the secret to housing reform might be reforming the fha itself. >>> a little bit laeter, how to play the retailers ahead of this holiday season. "squawk on the street" is coming right back. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and...
for the fiscal cliff, for the greek debt buyback to go through on thursday. >>> the european markets are closing now. >> so no great direction in the markets today. it is interesting, i think, both angela merkel attended today her party conference, the cdu, the christian democrats, conservatives, she launched her campaign to run germany for a third time. the election is in the third quarter of next year. she actually warned against premature optimism over the crisis saying the worst is not over and we must be cautious going forward. now to a certain extent she would say that, would she not? otherwise we're not out of the woods. keep me in charge. but that was the message that came out of germany today. elsewhere as we kind of wait for things to happen, it's interesting the bond markets continue to rally. we were talking about this yesterday that greece has priced the debt buyback where it has. it will be more generous and next week they're likely to get their money from the rest of the european union. taking some of those concerns back out of the market so, again, today the spanish bond market r
is standing in the way now of a fiscal cliff solution. we're back in two. >>> it wasn't until the debt ceiling lauz but born with an . >> you know, i beg to differ, mr. president. to me, i understand the use of its is a weapon but to me the real problem isn't the debt ceiling. it's the debt. the debt is the problem. you know, to have an unlimited amount of money to call upon is too much power power for one person. it's always in our country been about checks and balances but i think this administration just wants more checks and no balancing of the checkbook. that isn't the kind of check and balance that i think the people that wrote the constitution had in mind. now, let's look at it a different way, when we think of, you know, some good entertainment, there's, you know, bob hope, the road to morocco, the road to singapore. i don't think that we want to have a movie someday called the road to the weimar republic because bob hope was in the old movies. there's no hope in that new movie and i think this issue really has to be discussed. now i understand there's issues about compromise and every
Search Results 0 to 3 of about 4